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ITB Becomes Participant of KfW's Stable House Financing Market Progm

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  • ITB Becomes Participant of KfW's Stable House Financing Market Progm

    ITB BECOMES PARTICIPANT OF KfW's STABLE HOUSE FINANCING MARKET
    DEVELOPMENT PROGRAM


    YEREVAN, OCTOBER 26, NOYAN TAPAN. The International Trade Bank (ITB)
    (Armenia) became one of the participants of KfW Bank's credit program
    on development of stable housing financing market. According a press
    release of the bank, the KfW program is expected to be an important
    stimulus for development of this sector of the Armenian financial
    market and to cause local banks to improve their crediting conditions
    by lowering interest rates and extending credit maturity terms. ITB
    also intends to provide mortgage credits from its own resources. The
    bank developed its program of mortgage crediting and will soon
    announce its entrance into this market. It will provide credits for a
    period of 10 years and over. The amount of a credit at the initial
    stage will not exceed 12 million drams (about 30 thousand USD). It is
    envisaged to launch KfW's credit program on development of stable
    house financing market in Armenia in November-December 2006. ITB CJSC
    was founded in 1992 on the basis of Menatep-Yerevan Bank CJSC - the
    Yerevan branch of Menatep Bank (Russia).

    In April 2000, the bank's shares were acquired by foreign
    organizations which later joined Makarios (MG) Holding GMBH company,
    and the bank was renamed "International Trade Bank" (ITB). In 2005,
    Makarious (MG) Holdings GMBH acquired 99.91% of ITB shares. As of June
    30, 2006, the overall assets of the bank made 5.1 bln drams, its
    credit portfolio - 1.6 bln drams, overall capital - 2.98 bln drams.

    The bank has 4 branches. Makarious (MG) Holdings GMBH unifies about 60
    companies registered in Austria, Ireland, Switzerland, Cyprus, several
    CIS countries. Makarious Group's interest in Armenia is not limited to
    the banking sector. The group invested 22.5 mln dollars in
    construction of North Avenue in Yerevan.
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